This paper explores the possibility of using a large scale multi-country contingent valuation study for making decisions concerning global resources in the specific context of valuing a large set of tropical rainforests. Before considering the practical issues involved in implementing such a study, the paper addresses philosophical issues related to the use of contingent valuation including the...

We empirically investigate the effect of the payment mechanism on contingent values by asking a willingness-to-pay question with one of three different payment mechanisms: individual contribution, contribution with provision point, and referendum. We Ž nd statistical evidence of more afŽ rmative responses in the referendum treatment relative to the individual contribution treatment, some weak s...

Employing attitude measures to explain valuation responses in contingent valuation studies has the potential to improve statistical analyses as well as interpretation of response information. In this paper, four types of attitude measures are compared for their ability to provide these benefits in the context of a contingent valuation of an air quality management plan for Sofia, Bulgaria. Findi...

Contingent valuation (CV) and conjoint analysis were used to estimate landowner’s willingness to pay (WTP) for ecosystem management on non-industrial private forest land. The results suggest that even when conjoint and CV questions are the same, except for rating and pricing format, respectively, WTP estimates are quite different. Since most conjoint models essentially count ‘maybe’ responses t...

We propose a new definition for tameness within the model of security prices as Itô processes that is risk-aware. We give a new definition for arbitrage and characterize it. We then prove a theorem that can be seen as an extension of the second fundamental theorem of asset pricing, and a theorem for valuation of contingent claims of the American type. The valuation of European contingent claims...

Contingent valuation of the environment has proven popular amongst environmental economists in recent years and has increased the role of monetary valuation in public policy. However, the underlying economic model of human psychology fails to explain why certain types of stated behaviour are observed. Thus, good scope exists for interdisciplinary research in the area of economics and psychology...